NEW YORK: Oil prices fell to their lowest level since December 2018 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped more than 25% from a peak in January with U.S. crude back below $50 a barrel after the spreading virus hit demand in China, the world's largest oil importer, and fueled concerns about excess global supplies.
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